In what is the largest ATM outsourcing deal in the country, Axis Bank has entered into an agreement with two third-party service providers to increase its ATM count to more than 9,000 within the next 18 months.
India is an under-penetrated ATM market with only 98 ATMs for every 10 lakh of population.
According to data from Venture Intelligence, PEs invested in two mobile payment solutions firms each in 2009, 2010 and 2011. This grew to four deals in 2012 and five deals in 2013.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
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